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Dollar/yen implied volatility shot up last week as traders bought options to cover their short vega positions.

Hibernia, Louisiana's largest financial institution, has unwound two interest-rate hedges the bank entered prior to a recent USD100 million note sale for a gain of USD4.7 million.

Advest Securities has hired three new investment-grade salesmen in recent weeks as it continues to expand its taxable fixed-income sales force, according to Herb Finn, senior managing director and head of sales in New York.

Driving home how lagged the rating cycle is as a measure of credit quality, the month of April, which saw the corporate bond market post its worst absolute returns of the year also saw continued improvement on the ratings front, according to Moody's Investors Service.

Cavanaugh Capital Management is increasing duration and putting new cash into taxable municipals and mortgage-backed securities as it awaits higher interest rates.

The Securities and Exchange Commission has gone too far with its proposed rules for the asset-backed market, which in their current form could discourage some issuers from selling public transactions and make the entire financing process more expensive, according to members of the securitization industry.

Brenntag AG, a German chemicals distributor, pulled a Goldman Sachs-led E190 million high-yield offering last week after investors demanded an 11% coupon on its debut junk sale and the company would not budge past 10%.

Fairbanks Capital, the sub-prime servicer whose aggressive growth landed it in hot water with regulators and asset-backed investors in recent years, is now actively soliciting new business on the back of a recent upgrade from Standard & Poor's.

Traders and investors who sashayed over to Connelly's Pub after LMW's Best Trading Desk ceremony at the Palace last Thursday just missed a brush with greatness.

American Capital Access has tweaked the structure of a collateralized debt obligation it is marketing, eliminating its flexibility.

Issuers dealt with a difficult market last week, causing several new deals to be pulled and many more to adjust pricing to attract buyers.